Private equity group Abraaj Group has bought Dubai Holdings’ 35 percent stake in state-controlled Tunisie Telecom, Reuters reported. Tunisian Minister of Communications and Digital Economy Anwar Maarouf said the UAE’s Abraaj has become a new partner in Tunisie Telecom and that this will contribute to the development of the company’s activity. Maarouf did not disclose any financial details.
In 2006, Dubai Holding’s Emirates International Telecommunications (EIT) bought the stake for USD 2.25 billion, according to its website. Abraaj and EIT were not immediately available for comment. Dubai Holding, owned by the ruler of the emirate, is among a group of state-linked companies trying to recover from a 2009 property crash. It had announced its intention to sell the stake.
EIT had complained to the Tunisian government since the uprising that toppled former president Zine al-Abidine Ben Ali in 2011 about strike action and worker demands for higher pay. In February 2011, a month after Ben Ali’s ousting, Tunisie Telecom said it had cancelled plans to list on the Tunis and Paris stock exchanges after consultations with trade unions. Workers had threatened industrial action if there were job losses.
